Professor Stephen Kinsella:

It is only the interest. In my view, we should not draw down the capital. I would not call it a concern because it is still a proposal but the idea is that this fund would be depleted at the end of 20 or 30 years and that we would simply withdraw the €7 billion or €8 billion per year we need. It strikes me that we could simply leave it there. That requires that the funds to cope with demographic pressures to be found elsewhere but by definition, if you start withdrawing the principal, you destroy the compound.